Mastercard and MTN Group Fintech have entered into an agreement to bolster mobile payment services across Africa. With a combined subscriber base of 290 million and 60 million active MTN wallets monthly, this partnership involves 13 countries in Africa. It offers tailored digital solutions for consumers and merchants.

According to the press release, Mastercard and MTN Group Fintech aim to introduce a prepaid virtual card for MTN's MoMo customers. In this agreement, users will have access to over 100 million outlets worldwide. Additionally, MoMo merchants will be enabled to accept card payments, enriching the platform's cross-border remittance services and capabilities.

Strengthening Financial Inclusion in Africa

A significant aspect of the collaboration involves integrating virtual and physical Mastercard companion cards into every MTN’s wallet. This will grant users access to a vast network of outlets globally. This initiative aims to allow merchants to expand their services globally, enhance cybersecurity solutions, and foster customer loyalty and trust in digital transactions.

Amnah Ajmal, the Executive Vice President of Market Development for EEMEA at Mastercard, mentioned: "Our innovation strategy is based on collaboration. We are very proud of our partnership with MTN that will enable digital commerce for millions of people in Africa."

"In addition, mobile money solutions can be greatly beneficial for SMEs, enabling growth through seamless commercial operations, wider payments acceptance, access to affordable credit, and secure digital tools."

The partnership extends across 13 African markets, encompassing Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, the Republic of Congo, the Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia.

Expanding Reach for Remittance Solutions

The collaboration extends beyond domestic transactions to include international remittance services to cater to the growing demand for cross-border money transfers in Africa. With mobile money remittances rising, Mastercard and MTN Group Fintech aim to facilitate secure and convenient transactions, driving financial inclusion and economic growth across the continent.

Additionally, the new offering enables SME owners to establish an online presence, accept various digital payments , and enhance customer experiences. It has features such as QR enablement and Tap on Phone solutions.